As the year 2022 slowly begins to take shape, many investors around the world are scratching their heads of where to invest this year. According to Business Insider, the African Continent still has huge virgin investment opportunities for people to invest in.
10 African countries to invest in:
- South Africa
- Ivory Coast
Nigeria: Nigeria’s GDP rose by 4.03 percent in Q3 of 2021, according to the National Bureau of Statistics (NBS), and the areas with immense potential include Agriculture, natural gas, crude petroleum, and the construction industry.
Egypt: Egypt was one of the wealthiest African countries by total GDP for 2021. The country had the second-highest GDP in Africa at $394 billion. Potential areas include fossil fuels, agriculture, and tourism.
South Africa: South Africa and Nigeria have always been the economic powerhouses of Africa. The country is among the most developed with immense opportunities in technology, startups, mining, and wool. There is also a huge potential in the real estate sector.
Algeria: Algeria presents investment opportunities in renewable energy, tourism, and liquidity reserves especially for foreigners. The country is also trying to attract investors to invest in financial inventions.
Morocco: Morocco is among the largest countries in Africa in form of gross domestic product (GDP). Investment opportunities in this country are wide, ranging from, ICT, Cancer care, Transport, Renewable energy, Finance, Automotive, and Aeronautics.
Kenya: Kenya is an economic powerhouse of the East Africa region. Although Tanzania and Rwanda have been coming up, Kenya still remains ahead with many investment opportunities in startups (tech), construction (affordable housing), health, education, transport, among others.
One major challenge that investors are likely to encounter while trying to invest in these African countries, especially Nigeria, South Africa, and Kenya, is corruption. Nobody sets up a business in Kenya without paying a bribe. Foreign investors pay more.
Rwanda was not put among the top 10 investment destinations in Africa but that country is the next economic powerhouse. President Paul Kagame has been attracting investors with tax incentives, financial support and sometimes giving out free land.